SIFMA provided comments to the Nevada Assembly Committee on Commerce and Labor, expressing concern on social media legislation (AB 181) that would, among other things, prohibit employers from requiring that current employees provide employers with access to their personal social media accounts.

SIFMA said the securities industry has no interest in accessing employee accounts that are used exclusively for personal use. The problem, however, is that many people use the same account for both personal and business activity.

While AB 181 is well-intentioned, it would, if enacted, conflict with the duty of broker-dealers to supervise, record, and maintain business-related communications as required by both the Financial Industry Regulatory Authority (FINRA) and by state law.